To improve financial data sharing for corporate clients, Pittsburgh-based PNC Bank announced Oct. 3 the expansion of its existing data sharing integration deal with Akoya.
The Akoya data access network is a feature that enhances the ability of corporate clients to securely share their financial data with third parties, including fintechs and data aggregators, that power platforms they use to run their businesses, enhancing security and reliability through API-based connections.
“By expanding our relationship with Akoya, we are advancing our commitment to secure, transparent, and controlled financial data sharing for the benefit of our corporate clients,” said Emma Loftus, head of PNC Treasury Management. “Securely sharing sensitive financial information between platforms can streamline our clients’ day-to-day operations, including critical business functions, such as reconciliation and cash forecasting.”
Through Akoya, PNC’s corporate clients can authorize the sharing of their financial data directly within PNC’s corporate online banking platform, PINACLE, by using their existing PINACLE credentials and entitlements. Clients can also monitor activity and revoke access to their financial data, if needed, further safeguarding their businesses.
“Our expanded relationship with PNC gives the bank’s corporate clients the same secure and reliable data-sharing solutions that its consumer clients enjoy,” Akoya CEO Paul LaRusso said. “As we move towards secure, API-based data access for all types of customers and financial accounts, relationships like the one we have with PNC are laying the groundwork to make this a reality.”
Akoya’s platform is designed to transition financial services to API-based data access, thereby improving data-sharing reliability and reducing cybersecurity risks. The API utilized by the company is based on the Financial Data Exchange (FDX) API standard, which was recently expanded to include corporate data and is widely recognized for its security and efficiency.
“PNC was a founding member of FDX and has co-chaired our Corporate and Treasury API Task Force since its inception,” said Don Cardinal, FDX’s managing director. “We are delighted to see two FDX members, Akoya and PNC, working together to bring businesses secure and convenient access to their financial data.”